August 30, 2017 / 6:25 AM / 2 months ago

BRIEF-Zegona Communications ‍announces 140 mln stg tender offer

Aug 30 (Reuters) - ZEGONA COMMUNICATIONS PLC:

* ‍ANNOUNCES £140 MILLION TENDER OFFER FOR AT LEAST £2.00 1 PER SHARE​

* ‍TENDER OFFER DELIVERS ON ZEGONA‘S COMMITMENT TO RETURN CAPITAL TO SHAREHOLDERS AFTER SELLING TELECABLE 2​

* ‍TENDER OFFER IS A STRAIGHTFORWARD MECHANISM TO RETURN THIS CAPITAL QUICKLY AND TAX EFFICIENTLY​

* ‍TENDER OFFER WILL CLOSE ON 5 OCTOBER 2017 WITH CASH PAYMENTS EXPECTED SHORTLY THEREAFTER​

* ‍LARGEST SHAREHOLDER SIGNED IRREVOCABLE UNDERTAKING TO TENDER ITS ENTITLEMENT AND VOTE IN FAVOUR OF REQUIRED RESOLUTIONS​

* ‍TENDER OFFER WILL RETURN UP TO 42 PCT OF ZEGONA‘S MARKET CAPITALISATION, EQUIVALENT TO £0.71 PER SHARE​

* ‍TARGETED 2017 DIVIDEND RECONFIRMED, £9.8 MILLION TOTAL PAY-OUT (EQUIVALENT TO 5 PENCE PER EXISTING SHARE)​ Source text for Eikon: Further company coverage:

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